Effective January 1, 2014, the user fee charged by IRS to establish a payment plan has been increased from $105.00 to $120.00. If you cannot pay all that you owe now and do not qualify for an offer in compromise, an IRS installment agreement may be your next best option. Payment Agreements allow you to […]
Effective April 27, 2020, the application fee charged by IRS to apply for an Offer In Compromise has been increased from $186.00 to $205.00. Established by the Internal Revenue Service, the Offer in Compromise Program is a formal application to the IRS requesting that it accept less than full payment for what you owe in […]
Whether you are dealing with art given to you as a gift, or art you inherited as part of an estate or art that you are giving as a charitable donation, there are plenty of potential tax implications. An experienced tax attorney can help you avoid potential tax problems that can arise where there is […]
Giving money or goods to a charity is admirable but it can also lead to headaches with the IRS if you don’t do it right. The tax attorneys at the Law Offices Of Jeffrey B. Kahn, P.C. have dealt with many cases where charity donations being claimed incorrectly were picked up in tax audits and […]
The tax law allows qualified taxpayers to deduct a home office. However, because the IRS perceives that taxpayers either misuse or abuse this deduction, the IRS puts these taxpayers at a higher risk for audit. The tax attorneys of the Law Offices Of Jeffrey B. Kahn, P.C. can provide you with guidance in balancing the […]
What small business owner would want to get audited by the IRS? Most business owners who receive notice that their business is selected for audit avoid the stress by hiring a criminal tax attorney or an IRS audit specialist attorney to represent the business. An experienced tax attorney knows how to prepare for the audit […]
The Law Offices Of Jeffrey B. Kahn, P.C. has some news of particular interest to small business owners. The Internal Revenue Service has given small businesses a chance to expedite the audit process with its new Fast Track Settlement program. Under the terms of the program announced by the IRS in November 2013, small business […]
IRS has established programs for taxpayers to voluntarily come forward and disclose unreported foreign income and foreign accounts under what the IRS calls the Offshore Voluntary Disclosure Initiative (OVDI). On January 9, 2012 the IRS announced the terms of the 2012 OVDI which requires that taxpayers: (1) File 8 years of back tax returns reflecting […]
The Department of Justice started pressuring Swiss Banks including UBS and Credit Suisse to reveal bank account information on their account holders who are U.S. citizens or U.S. residents. Information from the Swiss Banks and other European Banks has now been flowing to IRS and is being used by IRS to uncover taxpayers who have […]
The Bank Secrecy Act requires that a Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR), be filed if the aggregate balances of such foreign accounts exceed $10,000 at any time during the year. This form is used as part of the IRS’s enforcement initiative against abusive offshore transactions and attempts by […]
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